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While many in political circles were surprised that Gordon Brown brought back his archenemy Peter Mandelson to the government there has been little in the way of controversy before today. However,...
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Friday 15th August 2008
The UK economy has never been in such a dire state as it is today with the property market still falling, finance still not available to the masses, banks seeing their balance sheets crumbling and the government unable to help as the public sector deficit reaches epic proportions. Is it time to put our heads down and hope for the best or fight through this recession?
The subject of consumer confidence has never been as relevant as it is today because it will be the consumer that will bring the UK out of the recession. The authorities need to play their part but if the consumer does batten down the hatches and hope for the best we could be headed for a major recession. A small reduction in interest rates could be the spark, a bottoming out of the property market or even inflation falling from today’s high, but something needs to happen.
Since the credit crunch started we have seen the UK consumer do their best to try and stay upbeat with many using the initial fall in property values to try and pick up bargains. However, it soon became apparent that this was a major correction in the property market and was not going to be short lived.
Confidence is the main element that will see the UK bounce back from this economic slowdown but what will spark that increase in confidence remains to be seen. |
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